Korean Bank Partners With Bitcoin Startup Circle

AccessTimeIconJul 27, 2016 at 6:00 p.m. UTC
Updated Sep 11, 2021 at 12:23 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

One of South Korea's largest banks has inked an agreement with the best funded startup working in the bitcoin space.

KB Kookmin announced the signing of a memorandum of understanding with bitcoin payments startup Circle, as well as local startup Coinplug, today. Coinplug, which is based in South Korea, was previously revealed to be working with the bank to develop a blockchain remittance prototype.

According to Business Korea, KB Koomkin has agreed to promote businesses in the blockchain space, while also signing a separate agreement to work on applications for mobile device certification.

The news comes roughly a month after Circle announced a $60m fundraise from a group of Chinese investors, a move that signaled the startup's push into the Asian digital currency market.

"We are excited to work with the top tech companies in London, a hub of the FinTech industry," a representative for the bank told the publication, adding:

"KB Kookmin Bank will strive to provide our customers with new experience by adopting cutting-edge technologies."

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Circle.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.